US Dollar Important ChartCurrencies / US Dollar Mar 17, 2016 - 12:08 PM GMT
Last week I showed you this potential H&S top forming on the USDU which is a more evenly balanced index for the US dollar which actually trades as an ETF.
I built this chart using a line chart and then leaving the trendlines in place I converted to a bar chart. As you can see it has been backtesting the neckline for the last week or so along with the 200 dma. This chart shows a reversal pattern which sets up a downtrend of some kind. This is an important development.
Wisdom Tree Bloomberg US Dollar Bullish Fund Daily Chart
Below is the exact same chart shown as a line chart. Note how much cleaner the trendlines look.
Wisdom Tree Bloomberg US Dollar Bullish Fund Daily Chart 2
The weekly chart shows an end around the apex move which is also bearish.
Wisdom Tree Bloomberg US Dollar Bullish Fund Weekly Chart
All the best
Gary (for Rambus Chartology)
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